Due to corona, many students have lost their part-time jobs. Either because they have had to close temporarily or have run into financial difficulties. Are you also affected by this? We have taken a look at the government's current bailouts and present them to you.
Corona special fund
Many universities and colleges have created their own corona special funds. These are explicitly for students in need, who are unable to cover their living expenses due to their current situation.
You can find information and applications directly on the websites of the respective universities, colleges or job centers.
For example, the cologne student union offers its students a one-time, non-interest-bearing loan in the amount of max. 800,00 EUR to.
However, in doing so, you must prove that the financial hardship was caused by the corona crisis (z.B. Job loss). Repayment takes place after 6 months from loan disbursement.
Bafog
Due to the current exceptional situation, the federal ministry of education and research has made a change for bafog recipients. The crediting rules for bafog recipients who are involved in the fight against the pandemic and earn their money while working against the pandemic (z.B. Medical assistants) have changed. The federal ministry of education and research writes:
Income of up to 450 euros (gross) per month on average is not taken into account for bafog anyway. Anyone who did not have another job before taking up the commitment in the pandemic fight can now earn up to 12 x 450 euros, a total of 5400 euros (gross) and still – during the pandemic mission and afterwards – continue to receive bafog unchanged. If you earn more and this extra income comes from pandemic-related work in the health care sector, in social institutions or in agriculture, the amount that exceeds 450 euros gross per month will only be counted towards bafog during the periods of additional income due to the pandemic.
The new scheme applies retroactively from 01.03.2020 for all activities in health care, social institutions or agriculture. In addition, it may be advisable to. To make an income update of the bafog application. If your parents, life partners or partners due to the pandemic (z.B. Due to short-time work) earn less money, many students may have an increased bafog claim.
You can find the corresponding form here.
Interest-free kfw student loan
The federal ministry of education has launched a bridging aid for male and female students. This is an interest-free loan from the kreditanstalt fur wiederaufbau (kfw) (reconstruction loan corporation). The basis for this is the kfw student loan, which has already been in existence for many years. The interest (up to a specified period) will be covered by the federal ministry of education and research.
When applying, a distinction is made between whether you already have a current kfw student loan or are a first-time applicant.
If a kfw student loan has not yet been applied for, the following requirements apply:
- Interest rate of 0.0 % applies until 31.03.2021 for all disbursements from the loan
- Funding amount: monthly up to 650,00 euro
- From 01.04.2021 the regular interest rate must be paid. This is fixed for 6 months.
- All other conditions remain unchanged
Special regulation for foreign students from 01.06.2020:
- Students from abroad can apply for the kfw student loan from 01.06.2020 also apply
- Prerequisite: you must be registered at a german address
- The first loan disbursement will be made as of the following month (z.B. 01.07.2020)
- Extension to all foreign students is possible until 31.03.2021 limited
If a kfw student loan has already been applied for, the following conditions apply:
- The current credit is automatically converted, no change or application is necessary
- From 01.05.2020 interest-free disbursements apply. The first full payment without interest deduction is made on 01.06.2020
- If you have fixed an interest deferral? Then the full disbursement amount is transferred. For the period from 01.05.2020 to 31.03.2021 no interest will be charged
- Subsidy amount: monthly up to 650,00 euro
- From 01.04.2021 the regular interest rate must be paid. This is fixed for 6 months
The loan is certainly a sensible way to compensate for short-term financial bottlenecks. In particular, if other financial resources cannot be used at the moment. Parents cannot contribute anything because they may be in short supply themselves or cannot earn anything extra through their own part-time job. Nevertheless, this is a loan that must be repaid sooner or later.
Conclusion
All in all, the current federal aid for students is still very disappointing. A general emergency aid for all students in need does not exist at present. It remains to be seen if and when there will be such a bailout here!